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2019 Annual Report

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2019 Annual Report DELIVERING THE EXTRAORDINARY 1 ANNUAL REPORT 2019 Established in 2003, Cebu Landmasters, Inc. (CLI) is a home-grown real estate company engaged in the development of residential, office, hotel, mixed-use, and township projects. Guided by our core pillars, we go beyond the usual to give you the life you deserve. With our extraordinary hands-on service from start to turnover, table of comprehensive expertise in Visayas and Mindanao, exceptional amenities that innovate the way you live, and excellent choices that cater to any lifestyle needs. With expansions and portfolio diversification, strategic alliances with local and international partners, enhanced brand equity through communications campaign, and 4 About the Company recognition from peers in the real estate industry. 16 The Chairman’s Message In 2019, we achieved greater heights and delivered extraordinarily – propelling us to serve you even better. 18 The Chief Operating Officer’s Message 20 The Chief Finance Officer’s Message 22 Extraordinary Milestones 32 Business Performance 94 Feature Stories 111 Our Leaders 114 The Board of Directors 116 The Executives 118 Corporate Governance 124 Financial Review 246 Stakeholder Inquiries 2 02 TABLE OF CONTENTS ABOUT THE COMPANY 03 3 To be exceptional means that the extraordinary should start from within. Anchored in our core values, we strive to fulfill our mission and vision every day to deliver the best projects and services that you deserve for you to live your best. company 04 ABOUT THE COMPANY 5 our To be the leading customer-focused and community-centric real estate company in Visayas and Mindanao. our Guarantee stakeholder satisfaction by bringing out the extraordinary in every company step of the real estate journey. 6 MISSION AND VISION 07 our our advantage Customer-First VisMin Expertise We are a close knit, family-oriented CLI takes pride in our local knowledge company that places our customers at and expertise in the VisMin region. the heart of everything we do. With that, we choose only the best strategic locations for our projects. Hands-on Service Collaboration Experience hands-on service that truly We value teamwork and nurture delivers before, during, and after relationships with each other and property turnover. This is achieved with our partners. through our dedicated in-house sales support, customer care, monthly construction updates, and an in-house Commitment CLI Property Management (CLIPM). We are committed to deliver what we promise and to constantly improve ourselves. Remarkable Amenities Leadership CLI promises high-quality delivery and As leaders, we take pride and responsibility provides value-added amenities that in being real estate masters in VisMin. are beyond the usual: spacious communities, chapel, pool, basketball court, sky deck, gym, meditation garden Integrity and clubhouse, and other features which We are a people of integrity. We uphold vary in every project. having strong moral principles. Unparalleled Choices CLI offers a wide range of developments from residences, offices, hotels, mixed- Agility use, and townships all over key VisMin We value agility – identifying the needs cities, in Cebu, Mandaue, Davao, of the market and acting on it quickly. Cagayan de Oro, Bacolod, Dumaguete, Iloilo, and Bohol. 08 EXTRAORDINARY ADVANTAGE 09 residential project PREMIER MASTERS CLI’s masterpieces situated in prime urban locations offer a premium lifestyle As an integrated real estate company, Cebu and world-class living — OFFICES perfect for those who want Landmasters, Inc. offers a wide array of to enjoy more of life. developments including residential units, offices, hotels, mixed-use, and townships. This residential portfolio allows us to cater GARDEN SERIES to different lifestyles and socio-economic CLI’s best-selling series segments — from exclusive and upscale to promises green open spaces, mid-market and garden-inspired communities, great views and well-designed residences — perfect for those and even economic offerings and socialized dreaming for a home flled with housing that give more value to Filipinos. nature in a progressive urban setting. MIXED-USE CASA MIRA CLI’s award-winning economic housing community caters to the common aspiration of every Filipino family to own a home — perfect for families dreaming to live in a beautiful community while getting the best value for their money. HOTELS VILLA CASITA CLI’s socialized housing project provides families with simplifed living spaces. These homes enable residents to enjoy the necessities of life while being surrounded by the beauty of nature. RESIDENCES TOWNSHIPS 10 PROJECT CATEGORIES RESIDENTIAL SEGMENTS 11 business CLI Leadership in VisMin’s Strategic location property development selection process With extensive knowledge Whether for a high-end Fast-growing property and a strong relationship with condominium or an economic developer with unique the broker community, CLI has housing project, the company regional expertise become a trusted brand by its consistently seeks locations in VisMin growing roster of buyers, with high-value appreciation end-users, and partners. potential. Diversified portfolio Experienced team and of projects organizational culture CLI is highly engaged in the Our customer-first attitude Landbank Lite: “Acquire to development of residential, and family-oriented team Develop” Strategy office, hotel, mixed-use, and enables CLI to achieve high township projects, catered to stakeholder satisfaction and the lifestyle needs of its establish strong brand equity. various target markets. Socially responsible development Strategic partnerships Diversified portfolio from residential Wherever the company develops, With CLI as the project subdivisions, condominiums, offices, CLI is committed to demonstrate manager and developer, our responsible planning and joint ventures are able to mixed-use, hotels, and townships development through partnerships deliver great value and with local government units, outstanding results. local institutions, and socio-civic organizations. Strength in resource Operational excellence allocation Professionally run, CLI has a fully-integrated real estate set-up, paired with its family-owned business Throughout its growth, the company has consistently hands-on and personalized demonstrated strong approach that allow us to profitability and prudent effectively respond to the financial management. needs of our clients and industry partners. 12 BUSINESS PROFILE CLI BUSINESS MODEL 13 CLI Expansion to key cities in VisMin Growth of economic housing brand CLI expands quality development across VisMin The Casa Mira brand is CLI’s reasonably with groundbreaking projects in Cebu, Cagayan priced housing, targeting the BCD market and de Oro, Davao, Dumaguete, Bacolod, Bohol, the young workforce. This fastest-selling and Iloilo with new expansion areas in Butuan, brand has both subdivision and condominium General Santos City, and Palawan. types of development. Vertical integration in Capitalizing on pipeline projects property management CLI has positioned itself well for the next Cebu Landmasters Property Management, Inc. two years in Metro Cebu with new vertical (CLIPM) was incorporated in 2017 to provide residential and mixed-use developments. CLI property management services to housing and targets to replicate this success in Bacolod, condominium projects developed by the company. Davao, Dumaguete, and Iloilo. Building recurring Establish and leverage income development strategic partnerships With the goal of making it a self-sustaining and CLI has proven that it can secure strategic revenue-generating business unit, CLIPM is locations and penetrate new markets with envisioned to eventually offer and expand its ease through joint ventures that are executed services to outside clients. through best practices. 14 CLI KEY STRATEGIES CLI KEY STRATEGIES 15 the Chairman’s To Our Valued Shareholders, Cebu Landmasters delivered another remarkable year of growth As we continue to innovate and create world-class in fnancial performance and strategic expansion. In a short developments in our communities, Cebu Landmasters was span of two years from the time Cebu Landmasters became able to close a landmark deal in 2019 with the engagement a publicly listed company, we witnessed our consolidated of a 2,800 sqm prime lot in Cebu Business Park into a 43-year revenues double up and our total asset base grow by over lease to build an iconic building to house a six-star hotel mixed 300%. We have diversifed our product line to cater to all with premium offces and retail spaces. All these expansion market segments of the real estate spectrum, focusing in the moves will defnitely support Cebu Landmasters’ strategy to Cebu Landmasters delivered another VisMin regions where we are now present in 15 key cities. strengthen and build up our recurring businesses in the next remarkable year of growth in financial three to fve years due to the expanded Gross Leasable Area In 2019, we sustained our growth momentum with consolidated (GLA) of about 200,000 sqm which will contribute healthily to at performance and strategic expansion. revenues increasing by 26% to Php 8.51 billion with a net income least 10% of our increasing revenue base. of Php 2.44 billion, backed up by total assets worth Php 38.3 billion. In a short span of two years from the Our Philippine economy somehow slowed down to 5.9% in 2019 In 2019, we also continued forming strategic alliances with time Cebu Landmasters became a but there were other economic
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